that have nothing to do with china and essential to get right to make sure the u.s. and european countries are back on track. >> host: it's like a couple different books in one book. there's the story of the decline of the west, the rise of the east, and the basic premise of the lines are going to cross. >> guest: you can argue there's an absolute part for sure talking about the west in isolation and what the issues are going on there, and then, of course, we live in an amazing time of china and other emerging economies have done the unthinkable, moving hundreds of thousands of people out of poverty. of course, that's answering the ire relative question as well which is what i've done in the book. >> host: let's start by talking about what's going wrong in the west. >> guest: sure. first of all, i think it's really important in terms of context of my work, entalk about unintended consequences, good intentions, but yields bad outcomes. what i've done in the book is focus on the three key ingredients. those are capital, basically money, labor, which is basically the work force, and then fina